At Coconut Merchant, we pride ourselves on being able to push the boundaries of where natural products can go. Staying fresh and ahead of the curve requires us to know what our current and potential consumers are looking for (sometimes even before they know themselves!), while staying true to our core values and the Coconut Merchant spirit. New product development is vital to start ups like us, since it allows us to broaden our scope and develop our range, which is what we’re here for! Let’s go through the key notions which we consider when bringing exciting new coconut products to market.
Understanding our target audience inside out is crucial to developing new products. At Coconut Merchant we stay ahead of the crowd so that our customers are as excited and interested as we are when new developments surface. We acknowledge that while some consumers are open to trying new product advances and uses, others prefer to keep it traditional. This is why our products vary from staples like Coconut Oil to the exciting new ventures like Coconut Amino, a condiment similar to soy sauce.
Our new products all have one thing in common; a proposition that separates us from the rest which we can’t wait to shout about. Whether that’s in the quality of the product (our Organic Raw Extra Virgin Coconut Oil), the nature of the product (Coconut Nectar, a great vegan honey alternative), or the innovative nature (Coconut Jam, the first on the market), we know that the most successful products have at least one singular differentiating factor.
We feel that NPD works best for us when at least one of two factors are met; an amazing product, or an existing route to market. Considering UFC Refresh Coconut Water, we were fortunate enough to meet both of these criteria. We had already forged a positive existing relationship with both Tesco and Asda, enabling us to spread the reach of UFC much further and faster than would have been possible without such connections.
At Coconut Merchant we are built on collaboration, with everyone we engage throughout the supply chain. Our business values mean that we have a great pool of knowledge to draw on, allowing us to spread the coconut love in the most effective way possible. We work closely with both farmers at cooperatives, industry experts and even retail buyers to create new products; this means we can find a sweet spot of innovative product uses alongside optimum market environment.
Quite simply, because that’s the Coconut Merchant way. It’s at the core of our nature to create amazing products, constantly redefining how far the coconut can go in providing a vast range of new concepts.
NPD allows us to broaden our horizons, experiment with new market trends and consumer habits, and set the bar for what natural products can achieve. So, next time a new innovation from Coconut Merchant surfaces, consider the process we go through and our best practice guide to getting the most we can out of every opportunity.
Written by Nicole Goyder